Technical analysis of USD/CAD for July 09, 2015

At yesterday's session, the pair again rejected at 1.2780 again losing 80 pips. We has already forecasted «from here on we expect maximum 1.2760 or 1.2800» . So, the pair hit a high at 1.2780 and fell back. Falling oil prices weigh on CAD against USD . The 20Wsma is found at 1.2400 and the parallel resistance is seen at 1.2800 and 1.2835 .Bulls laid a strong base in different layers initiated at 1.2200, extended later to 1.2300 and 1.2400. The hourly oscillators indicate the overbought market. Negative divergence has been firming in the H4 chart. We can observe higher highs and higher lows in the daily and hourly charts. On the other hand, in case of positive news from Greece, we expect big moves in EUR/USD and big falls on USD/CAD. This is the only pair taken an advantage from the Greece saga in the near term.

Intraday support is found at 1.2690, 1.2675, and 1.2660. Resistance is seen at 1.2735, 1.2785, and 1.2800. In case the pair manages to close above 1.2835, we will open buy positions again with a target at 1.3150. Today, the pair opened on a bearish note.

At yesterday's session, we opened a bearish trade. We stick to that today as well. Risky sellers can use a rise to sell with sl 1.2835 on a closing basis hold for the next 2 or 3 days. For bulls, buying is available above 1.2740 with aims at 1.2760 and 1.2775, and 1.2800 and 1.2820 in the extreme case.